# Table 4b: Instrument Breakdown (Excl Financial Centers)

| Variable | ExFC: fdi_assets | ExFC: fdi_liab | ExFC: port_eq_assets | ExFC: debt_assets | ExFC: debt_liab | ExFC: fx_reserves |
|:---|---:|---:|---:|---:|---:|---:|
| Z_1 | 131.6587 | 100.3723 | -157.6171 | 66.0665 | 123.6307 | 63.0484*** |
| | (246.8956) | (242.8569) | (103.4884) | (108.5008) | (111.6213) | (16.9434) |
| Z_2 | -10.6628 | 0.7921 | 28.7805* | 0.8508 | -14.9540 | -7.2122*** |
| | (37.5826) | (36.9678) | (15.6793) | (16.4109) | (16.8888) | (2.5654) |
| Z_3 | 0.3354 | -0.3225 | -1.2662* | -0.2710 | 0.5698 | 0.2276** |
| | (1.5646) | (1.5390) | (0.6468) | (0.6753) | (0.6953) | (0.1057) |
| fiscal_bal_gdp | 0.0665 | -0.0882 | -0.0735 | -0.2567** | -0.7042*** | 0.0072 |
| | (0.2186) | (0.2150) | (0.1001) | (0.1094) | (0.1116) | (0.0167) |
| nfa_gdp_lag | -9.4250*** | -2.2839 | -0.9782 | -5.5625*** | -14.3266*** | 0.1493 |
| | (2.0958) | (2.0615) | (0.9491) | (1.0318) | (1.0537) | (0.1578) |
| log_rel_opw | -8.3922 | -13.3719* | -5.6220 | -13.8717*** | -15.4001*** | -0.9773* |
| | (8.1668) | (8.0332) | (3.4328) | (3.6001) | (3.7030) | (0.5619) |
| kaopen | -0.6416 | -0.2611 | 2.0012** | 4.0127*** | 2.3598** | 0.1336 |
| | (2.2561) | (2.2192) | (1.0127) | (1.0917) | (1.1164) | (0.1676) |
|:---|---:|---:|---:|---:|---:|---:|
| Dep var | fdi_assets_gdp | fdi_liab_gdp | port_eq_assets_gdp | debt_assets_gdp | debt_liab_gdp | fx_reserves_gdp |
| N | 4344 | 4344 | 4332 | 4344 | 4344 | 4344 |
| R² | -0.0190 | 0.0037 | 0.0207 | -0.0041 | 0.0194 | 0.0866 |
| Countries | 158 | 158 | 158 | 158 | 158 | 158 |

*Panel GLS with AR(1) errors. Standard errors in parentheses.*
*\*p<0.1, \*\*p<0.05, \*\*\*p<0.01*